|
8s_ 101708
<br />(i) to pursue such other remedies as the Mortgagee
<br />may have under applicable law.
<br />The proceeds of any foreclosure sale shall first be
<br />applied to reimburse Bank for (1) the costs and expenses of
<br />foreclosure and (2) such additional fees as may be directed by an
<br />appropriate court. The balance of the proceeds shall be paid
<br />first to Bank to pay the Obligation, and the surplus, if any,
<br />shall be paid to the owner of the Property on the date of the
<br />foreclosure sale. In the event of foreclosure and during the
<br />redemption period, interest at the default rate set forth in the
<br />Note shall be payable on all sums due under the foreclosure pro -
<br />ceeding.
<br />If this Mortgage is foreclosed through the courts, Bank
<br />may add to the Obligation outstanding at the time of such
<br />foreclosure an amount equal to the prepayment premium, if any,
<br />that would be payable if the Obligation were prepaid at the time
<br />of the foreclosure sale.
<br />14. As further and additional security for the payment
<br />of the Obligation secured by this Mortgage, the Mortgagor
<br />assigns, transfer, and sets over unto Bank the rents, profits,
<br />royalties, bonuses, delay rentals and income derived from the
<br />Property and the buildings and improvements on the Property with
<br />the same force and effect as if this assignment were made in a
<br />separate instrument. This assignment is absolute and uncon-
<br />ditional except that so long as no default shall exist under the
<br />Obligation or this Mortgage, Mortgagor shall have the right to
<br />collect, receive, and receipt for such rents, income, royalties,
<br />bonuses, delay rentals and profits, to take possession of the
<br />Property without having a receiver a pin
<br />rent and manage the same from timetoti e for and u apply pose,
<br />he net
<br />proceeds of such rents, income, royalties, bonuses, delay rentals
<br />and profits upon the Obligation until all delinquencies, advan-
<br />ces, and the Obligation are paid in full or until title to the
<br />Property is obtained by Bank through foreclosure or otherwise.
<br />On refusal of the Mortgagor to deliver possession, such right to
<br />delivery and use, enjoyment, rents, issues, royalties, bonuses,
<br />delay rentals and profits may be enforced by Bank or the holder
<br />of the certificate of purchase by any appropriate civil suit or
<br />proceeding, and Bank or the holder of such certificate of
<br />purchase shall be entitled as a matter of right to a receiver for
<br />the Property, without regard to the solvency or insolvency of the
<br />Mortgagor or of the then owner of the Property and without regard
<br />to the value of the Property, and such receiver may be appointed
<br />by any court of competent jurisdiction upon ex parte application
<br />and without notice, notice being expressly waived, and all rents,
<br />royalties, bonuses, delay rentals, issues, profits, income, and
<br />revenue therefrom shall be applied by such receiver according to
<br />law and the orders and directions of the court. The receiver so
<br />appointed by a court of competent jurisdiction shall be empowered
<br />to issue receiver's certificates for funds advanced by Bank for
<br />the purpose of operating the Property. The amounts evidenced by
<br />receiver's certificates shall bear interest at the default rate
<br />set forth in the Note and may be added to the cost of redemption
<br />in the event the owners of the Property, the Mortgagor, or some
<br />junior lien holder redeems the foreclosure sale.
<br />15. Mortgagor will not alienate or encumber any part of
<br />or interest in the Property without prior written consent of
<br />Bank. In the event of change of ownership of the Property, the
<br />new owner shall. assume the Obligation secured by this Mortgage;
<br />however, in no event shall Mortgagor be released from liability
<br />under this Mortgage or the Obligation. Bank may, without notice
<br />to the Mortgagor, extend the time of payment of the Obligation
<br />or of any part of the Obligation and may otherwise deal with the
<br />new owner of the "Property with reference to this Mortgage and the
<br />Obligation in the same manner as with the Mortgagor, without in r
<br />any way releasing the Mortgagor from liability under this
<br />Mortgage or the Obligation.
<br />W1
<br />
|